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something horrible to happen, or you need a total collapse of the economy. i don't see either. >> well, we're actually talking about two different events. relative to a correction this year, i think that we're looking at something similar to 2011. 10 to 20% off in the second or third quarter, kind of a reaction to this building uncertainty, this volatility we have seen since february. in terms of the bigger crash call that i've been making for more than a year now, as the s&p continues to top out very similar as it did in 2000 to 2007, i think you're right. i think that we are looking at some kind of external shock situation. >> no, no, i'm not -- i'm saying that's what you need to make your forecast right. i'm not predicting that. i don't see the end of the world scenario. i don't buy it. >> and i hope that bernanke -- >> gold signal. i just don't buy it. and so much liquidity -- seema, are you hearing this end of the world -- all right. let's take abigail. 10 to 20% correction. are you hearing that? >> if the fed pulls back on monetary support sooner than expected, i think there are trad
the same with gold. i think the drop in gold is a very positive signal for the longer term economy. but i think these events coming together so rapidly, what went on in boston and the gold crack up and you mentioned commodities, it has given people an excuse to take whatever, 5% to 7% breather in stocks. >> i think that's a good point. what we don't talk about, money coming out of gold is not a bad thing. it's a positive thing in the long run for equities. other commodities especially oil, gasoline prices come down 17% from their peak. i think that's going to be a positive in the economy. so you have to look at the bright side of some of these things. but you're right, it's impossible to separate the emotional from the economic. and we have both going on. a tragedy occurred. it's hard to separate both. >> emotion plays a big role in the stock market. art, thank you very much. we'll resume our coverage of the boston marathon bombing investigation when the kudlow report comes right back. maxwell is not. he's on geico.com setting up an appointment with an adjuster. ted is now on hold with hi
is talking about a spring swoon for the economy. isn't spring a time for revival and resurrection. let's bring in our ace investor to get his forecast on the potential swoon. jeff klein, chief strategist, one of the best of the best. good to see you, jeff. why is it so gloomy all of a sudden? golly, this is not like last year. you a saw the housing numbers today, home sales off a tiny bit, but 11/12% price increases year on year, that's totally different from prior years. >> it is right, the housing situation is better. the auto sales are good. there are a lot of things in much better shape. but the market is all about expectations. the fact is economic data as solid as it has been lately has come in weaker than expectation, so have profits and importantly revenues lately. it's not that we see them falling off a cliff, if expectations got a little too high or rosy, it's funny, larry, as we looked at this year back at the end of last year, we laid out scenarios, a bulk case, down the middle base case, stocks have taken the bull path. bonds are kind of right in the middle. it's interesti
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